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Dividing assets in a Texas high net worth divorce

On behalf of Vernier & Associates PLLC posted in divorce on Tuesday, July 11, 2017.

During your marriage, you and your spouse may have acted as partners. You accumulated wealth, purchased assets and may even have a significant investment portfolio and retirement account. Now that you face a high net worth divorce, you may be wondering how the process of dividing those assets will go, especially since Texas is a community property state.

The situation can quickly become complicated if you and/or your spouse had assets prior to the marriage that ended up being commingled with those in the marital estate. Sorting out what is considered separate versus community property could take some time and effort. The courts typically consider any property gained during the marriage to be jointly owned by both parties. Another complication that could arise is if your spouse accuses you of hiding assets or vice versa.

Many people talk about using mediation or some other alternative method of dispute resolution in a divorce, but under these circumstances, it may not be possible. You and your spouse may attempt to divide your property using one of these methods, but with the stakes being high, negotiations may not succeed. If your best efforts do not result in an agreement, it may be necessary to take the matter to a Texas court.

In either case, sorting out property division in a high net worth divorce often requires the assistance of an attorney. He or she may support your efforts to attempt to resolve the situation amicably. However, your attorney will also be prepared to aggressively advocate for you in court should it become necessary.

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Vernier & Associates, PLLC is located in The Woodlands and serves the surrounding areas of Spring, Houston, Conroe, Harris County, Montgomery County, Fort Bend County, Liberty County, San Jacinto County, Walker County, Galveston County and throughout the regions of North Houston, Houston metro area and also throughout Texas.